Answer in Marketing for Penny #236026
Describe the internal/external environments of business and discuss how these environments affect the success or failure of any organisation.
The internal business environment comprises of factors within the company which impact the success and approach of operations. Unlike the external environment, the company has control over these factors. It is important to recognize potential opportunities and threats outside company operations. The factors include financial resources like funding, investment opportunities and sources of income, physical resources like company’s location, equipment, and facilities, human resources like employees, target audiences, and volunteers, access to natural resources, patents, copyrights, and trademarks, among others.
On the other hand, Customers, competition, economy, technology, political and social conditions, and resources are common external factors that influence the organization. Even if the external environment occurs outside an organization, it can have a significant influence on its current operations, growth and long-term sustainability